Tucked against a hillside on Laguna Canyon Road is the oldest, smallest and, some say, luckiest mobile home park in Laguna Beach. Not much grumbling goes on at Thurston Trailer Park about the lack of a clubhouse, swimming pool or ocean view--niceties available at the city's two other mobile home parks. Instead, Thurston residents, most of whom have incomes low enough to qualify for financial aid, feel pretty fortunate.

The City Council has approved the sale of a city-owned property--one of the last open spaces downtown--for development of a two-story commercial building. For more than two years the council has discussed selling the 17,500-square-foot site, which it acquired for $212,000 at the height of the real estate boom nearly a decade ago, said Kenneth Duran, assistant city manager. The property was sold to developer J.B. Construction for $155,000.

CB Richard Ellis Group Inc., the world's largest commercial real estate brokerage, reported a return to the black in the second quarter as revenue rose in nearly all its business lines around the world. Although much of the local commercial property market remains depressed, improving global conditions allowed the Los Angeles company to report a profit of $54.8 million, or 17 cents a share, compared with a net loss of $6.6 million, or 2 cents, in the second quarter of 2009. The company posted adjusted earnings of 18 cents a share after deducting select charges, well ahead of Wall Street analysts' prediction of 9 cents.

Atlantic Richfield Co. will sell 146 oil and gas fields in three deals worth a total of $362 million. The fields are in California, New Mexico, Texas and Wyoming. The sales represent most of the small fields in Arco's Western District. Arco will retain the 60 largest fields, containing about 90% of the district's oil and gas reserves. Like other major U.S. oil companies in recent years, Arco has been divesting itself of non-core business assets to increase the efficiency of its operations.

A property's sale price at foreclosure, not its market value, determines its worth in bankruptcy proceedings, the Supreme Court ruled Monday. The 5-4 decision resolves a longstanding dispute in bankruptcy law, and it upholds the existing practice in California. Lawyers for the state's lenders and title insurers applauded the result and said it removes a cloud that could have hung over many recent property sales.

CBRE Group Inc., the world's largest commercial real estate brokerage, turned a profit in the first quarter as U.S. property sales took off. The Los Angeles firm said Tuesday that income from arranging transactions to buy or rent space in offices, warehouses and other commercial properties helped revenue increase 14% from a year earlier to $1.35 billion. Growth was driven primarily by activity in the United States as leasing transactions fell off in Europe and sales slid in Asian markets.

Re "Tax vote reflects differing realities," March 9 The Times should be wary about printing such an enlightening article, which notes that though voters in less well-off L.A. neighborhoods overwhelmingly supported Proposition A (the failed half-cent sales tax increase on the city ballot last week), those in wealthier areas decisively rejected it. To document the wealthy's disdain for taxes that might help the poor risks banal accusations about fomenting "class warfare. " Readers might draw unjust conclusions about those most vociferously opposed to tax increases for the public good.

May 6, 1993 | JAMES RISEN and ROBERT A. ROSENBLATT, TIMES STAFF WRITERS

A controversial federal sale of $2 billion worth of real estate in California and elsewhere to a Wall Street investment firm with close ties to the Clinton Administration has collapsed after a congressional investigation, according to a new government report. But the investment firm of Goldman Sachs will still reap up to $12 million in fees this summer from the Resolution Trust Corp., the federal agency handling the S&L mess.

Several Christian organizations have joined in a brief to the U.S. Supreme Court on behalf of the International Society of Krishna Consciousness, which is appealing a court ruling that the Hindu sect caused emotional distress to the parents of a former member. The Krishnas are also facing a judicial order, temporarily stayed this week, to sell five of their temples to satisfy a $5-million judgment in the case.

A Phoenix businessman dealt a blow Friday to the government's case against the former operators of Lincoln Savings & Loan in Irvine by testifying that two land deals federal regulators had characterized as sham transactions were legitimate sales. The businessman, Phillip Gordon, also said in federal court here that some of the loan documentation that regulators required of Lincoln went beyond normal business practices in the purchase and sale of undeveloped land in Arizona.